F.119 State and Local Government Employee Retirement Funds            
 Billions of dollars; quarterly figures are seasonally adjusted annual rates            
 stock price direction  DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
 bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1
2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2
3 Net acquisition of financial assets 86.9 8.5 14.9 -1.1 -13.2 -9.2 -5.2 -54.7 16.2 -57.5 -24.6 3
4 Checkable deposits and currency 1.5 1.5 4.3 0.4 -0.7 -5.1 -0.9 18.0 -14.9 1.9 -9.2 4
5 Time and savings deposits 0.2 -0.1 -0.3 0.3 0.3 0.2 -1.1 1.2 0.7 -2.1 0.2 5
6 Money market fund shares 2.2 0.1 -2.9 -3.1 2.9 -6.0 4.1 1.1 12.2 -3.1 0.5 6
7 Security RPs -5.9 -6.9 -5.0 -5.3 3.2 -6.5 2.9 15.3 1.2 -5.7 10.6 7
8 Credit market instruments -53.8 -50.7 11.2 27.2 -2.5 60.0 -23.6 -58.6 12.2 -14.1 -14.0 8
9 Open market paper 4.0 -3.2 -9.0 -9.5 -0.6 -2.7 2.3 -1.2 -0.8 -1.3 4.6 9
10 Treasury securities -24.0 3.8 -10.9 -17.5 -4.0 -13.3 11.9 -29.8 15.1 15.1 -11.1 10
11 Agency- and GSE-backed securities 1.9 11.8 55.7 44.2 1.7 76.8 -39.6 -18.1 -12.1 -9.6 -3.9 11
12 Municipal securities -0.1 -0.8 0.1 0.7 -0.6 -2.7 1.2 1.0 -1.8 -3.4 0.2 12
13 Corporate and foreign bonds -34.6 -62.4 -24.1 10.2 -0.4 -1.8 0.3 -7.2 7.1 -7.2 -3.4 13
14 Mortgages -1.1 0.1 -0.7 -0.9 1.3 3.8 0.3 -3.3 4.6 -7.7 -0.5 14
15 Corporate equities 115.1 50.2 -0.6 -22.6 -12.7 -4.7 -5.9 -38.0 -2.3 -40.8 -16.4 15
16 Mutual fund shares 25.8 13.9 7.3 1.6 -0.2 -0.8 -0.2 -2.0 2.1 -0.2 -1.1 16
17 Miscellaneous assets 1.8 0.4 0.9 0.5 -3.4 -46.3 19.5 8.2 5.0 6.5 4.9 17
18 Pension fund reserves (liabilities) (1) 86.9 8.5 14.9 -1.1 -13.2 -9.2 -5.2 -54.7 16.2 -57.5 -24.6 18
 (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.